UK’s Insurtech By Miles Secures £15 Million in Capital through Spherical Led by CommerzVentures

UK-based, By Miles, a pay-by-mile vehicle insurance coverage service supplier, has secured £15 million in funding by a Sequence B funding spherical led by CommerzVentures.

Current buyers Octopus Ventures, Insurtech Gateway and JamJar investments additionally took half in By Miles’ newest spherical.

Established in October 2014 and based mostly in Frankfurt, Germany, CommerzVentures is a VC agency that often invests in early stage and late stage corporations.

The VC firm is a part of the Commerzbank Group, and focuses on monetary companies and insurance coverage sectors, starting at Sequence A. CommerzVentures has a historical past of investing principally in US, Europe, and Israel-based initiatives.

By Miles markets its insurance coverage insurance policies to individuals who drive lower than 7,000 miles annually. The agency claims that it had its strongest week ever final month when it comes to complete gross sales. This, as UK drivers in lockdown have been in search of cheaper offers to save cash throughout these difficult occasions.

By Miles launched its first pay-by-mile insurance policies again in July 2018. The corporate supplies a plug-in system, known as the Miles Tracker, which retains monitor of mileage. By Miles revealed that its has bought greater than 20,000 insurance policies.

Paul Morgenthaler, companion at CommerzVentures, said:

“Automotive insurance coverage wants a shake-up if it’s going to stay related in a world of semi-autonomous, related and electrical automobiles.”

Morgenthaler added:

“And within the present local weather, insurers can’t ignore that – drivers need extra flexibility and fairer pricing. Our job is to assist the expansion of corporations with the potential to redefine and modernise insurance coverage.”

In March 2020, CommerzVentures led a $13 million Sequence A spherical that was finalized by Germany-based Insurtech agency omni:us.